Real Estate Buying for Visitors:
A Visitor to the United Arab Emirates on a Visit Visa can buy the property in the United Arab Emirates. A person who is a resident of Dubai, UAE or not a resident of Dubai, UAE has the opportunity and is permitted to buy the property in UAE. This is allowed by the Law indeed, which does not create any confusion or problem. Article 3, Regulation 3 from 2006 defines this status where the areas are defined where the Non-UAE Citizen can buy the property in Dubai and UAE with 100% ownership. The residents or people on Visit VISA can buy the properties here. As far as the title deed is concerned the Land Department has to issue the title deed. But the very key point is to understand the difference between a Completed Property and Off-Plan. Post-Recession and Post Covid, there are two crucial and difficult times for developers where they could not finish the off-plans in the time provided in Sales Purchase Agreements and the Contracts. It gave birth to several disputes with buyers and developers. Therefore the Off-Plan lost its importance as compared to the complete plan.
We all know that a Complete Plan can’t be afforded by everyone. This is only for the rich people, businessmen, or those having good jobs in the service sector. The people from the service sector can only afford off-plan villas and apartments. Therefore off-plans are still quite popular among buyers. Executive Council Resolution #13, 2008 regulates and organizes off-plan purchasing. But before buying the property a buyer has to confirm that the particular project he is going to buy, must be having an Escrow Account. Status of the Company can also be checked with the chamber of commerce. All the papers must be checked with the presence of your lawyer. A No Objection Certificate is the right of a buyer which he can demand from the developer once he has paid all the dues. Property Contracts and the Sales Purchase Agreements must be signed but after reading it carefully. The best way is to let a lawyer review the contract, Sales Purchase Agreement then buyer should sign it.
Legal Counselling with Experienced Advocates:
Therefore it is proved that “Real Estate Buying” is permitted to Visitors. There are certain conditions they have to meet, rules they have to follow, and land department requirements that they have to understand and implement. Law Firms like Ask The Law Al Shaiba Advocates and Legal Consultants and the Lawyers like Advocate Mr. Mohamamd Ebrahim Hassa Al Shaiba can help the buyers to understand the local real estate laws, land department regulations, documentations, etc.
The Solution is Legal Support:
The Solution is Legal Support. It means a new person in UAE might contradict the strict discipline rules of the United Arab Emirates. Lawyers and Legal Consultants can help him to understand the rules and regulations. It is the first and foremost step. Then the next level comes of doing business and investing in properties. Once again competent attorneys can provide complete legal support and advice to buyers.